Technology names took a beating in the fourth quarter, with the Morningstar Global Technology Index down 18% through Dec. 20 as concerns about a U.S.-China trade war have put pressure on tech stocks (Exhibit 1). We believe that tariffs have led to worries about both the health of the Chinese consumer and potential disruptions to a highly interwoven tech supply chain that would be quite difficult for the U.S. and China to unwind.